Hey there, aspiring video streaming entrepreneurs, live streamers, content creators, and anyone with a dream of making it big in the streaming industry!
Are you considering starting your own video streaming business in 2024? Then we have good news for you, as the video streaming market is all set to boom in 2024! And new trends are going to push the video streaming market growth even further.
In this blog, we will tell you about all the latest video streaming trends and streaming buzzwords in 2024. But before that let’s have a quick overview of the current video streaming market.
In 2023, the global video streaming industry raked in a whopping USD 187 billion, and guess what? 2024 is set to be even bigger! Experts predict a growth of 13.4% to 21.6% in 2024 alone. That’s a multi-billion dollar wave for video streaming entrepreneurs to ride on!
So, what does this mean for you? Let’s understand the market dynamics a bit more minutely:
While there are many emerging trends in the video streaming industry, the following trends are certainly creating the maximum buzz in 2024:
Though AI is not as loud in video streaming as it is in many other industries, the impact of AI cannot be denied as well. And in 2024, AI will rapidly transform the way we discover, consume, and even create content.
We have already gotten a glimpse of its capabilities in the last few years. Especially in the field of personalized streaming. Forget endless scrolling and decision fatigue. AI-powered recommendation engines, like those used by Netflix to increase viewing hours by 80%, will give you exactly what you want, at your fingertips! They analyze vast user data to curate personalized suggestions. This results in a 20% increase in user engagement and a 15% reduction in churn rate for platforms. While viewers enjoy a more streamlined and satisfying streaming experience.
But AI in streaming is not limited to recommendation only. AI’s impact goes far beyond suggesting the next must-watch show. Algorithms are now optimizing content creation itself!
From analyzing script trends to predicting audience reactions with 90% accuracy, AI helps studios tailor content to specific preferences. This has led to a 12% increase in viewership for AI-assisted productions, suggesting a future where data-driven storytelling reigns supreme.
And the future of AI in video streaming looks even more promising. Imagine voice-controlled searches with natural language understanding, AI-generated subtitles in real-time, or even personalized trailers that adapt to your mood!
In 2024, the world is expected to binge-watch like never before! Streaming platforms are experiencing a viewership explosion this year. A whopping 98% of Americans are currently subscribed to at least one streaming service. An average user juggles an impressive 3 subscriptions.
A recent survey revealed that viewers are nowadays constantly searching for different genres and niches of content to stream. And this hunger for diverse content is fueling platform growth, with the global OTT market revenue expected to reach $300 billion in the next few years.
Emerging markets like Asia and Latin America are experiencing explosive growth. The viewership in these regions is increasing by 25% and 30%, respectively. This presents exciting opportunities for creators and platforms who can cater to local tastes and languages.
The 5G wave is about to hit, and it’s taking video streaming trends to a whole new level! This next-generation network promises blazing-fast speeds, ultra-low latency, and wider coverage. Hence, it is going to change how we consume and create video content.
So, what will change for your end users? Imagine streaming 4K and even 8K videos without a single buffering hiccup. That’s the magic of 5G, with download speeds up to 20 times faster than 4G. And for the video streaming entrepreneurs, the time needed to upload your videos is going to reduce drastically!
5G opens doors to immersive video experiences like never before. Just think about live, 360° concerts where you feel like you’re right on stage, or interactive virtual reality (VR) content that puts you in the heart of the action.
Well, thanks to Apple Vision Pro, Meta’s Quest 3, and several other upcoming AR-VR headsets that are turning this imagination into a reality! And Vision Pro is not going to stop at AR-VR only, it is opening the world of spatial computing for you.
And if you want to take your streaming platform to Apple Vision Pro, then this is the right time! Using Muvi One, you can very easily create your own Apple Vision Pro streaming app, without coding. Read this blog to know more!
In 2023, a staggering 84.9% of U.S. households owned a connected TV, representing over 106.4 million homes. This translates to a global market size of USD 210 billion. Experts predict a healthy growth of 6.8% in 2024. So it’s safe to say that the connected TV wave is gathering momentum.
And cord-cutting seems to be the major driving force behind this trend. Connected TVs offer seamless access to platforms like Netflix, Hulu, and Disney+. Recent surveys suggest that streaming accounts for a whopping 80% of TV viewing time.
And that is why, 2.2 billion connected TVs are expected to be in use globally by 2024. Smart TV sales are projected to reach 164 million units in 2024. Currently, the average viewing time on connected TVs is 4.2 hours per day, which may even rise in the coming months.
Remember the days of limited free entertainment options? Well, those days are gone as ad-supported streaming (AVOD) is experiencing a meteoric rise in 2024.
In 2023, it reached a staggering USD 64.56 billion. And experts predict a phenomenal growth of 25.8% in 2024. That translates to nearly USD 81.2 billion worth of ad-supported streaming, making it a force to be reckoned with in the streaming landscape.
And if you are thinking that only you are tired of your streaming bills, then it seems there are many people like you! As millions of viewers are actually opting for free or ad-supported options, with 43% of U.S. households subscribing to at least one AVOD or HVOD (Hybrid Video-on-Demand) service.
Podcasts have gone from niche to mainstream in 2023. And in 2024, their popularity shows no signs of slowing down. The global podcast audience is projected to surge from 464.7 million to 504.9 million in 2024. That’s an 8.68% increase! So, if you’re a passionate podcaster, both video and audio, good times are definitely waiting for you!
And most importantly, podcasts are projected to generate hefty revenues this year! The podcast industry is expected to generate a whopping $4 billion in ad revenue by year-end, up from $2.3 billion in 2023.
In terms of niches, while true crime and comedy remain popular, a very diverse set of topics from personal finance, mental health, and motivation to historical discussions are experiencing explosive growth.
If content is your king, User Experience is your king-maker in 2024! Viewers are fed up with endless scrolling and frustrating navigation. Viewers today demand seamless, personalized, and engaging streaming experiences. Hence, streaming platforms with great UX are taking the lead!
The new-age streaming UX is a mix of great design, seamless navigation, and extraordinary recommendations. With thousands of shows and movies at their fingertips, viewers are struggling to discover what to watch in traditional UI. Hence, platforms embracing intuitive search functionalities, AI-powered recommendations, and curated playlists are winning hearts.
And those who fail to embrace the change, suffer! 70% of users abandon online video platforms due to poor UX. Even a 1-second delay in page load time can reduce conversions by 7%.
In 2024, niche video platforms are on the rise. These platforms cater to passionate communities with laser-focused offerings. And that is quite evident from the fact that the global niche streaming market is growing at a staggering 27.4% CAGR.
In a recent survey, it was revealed that 82% of Gen Z viewers prefer to be a part of a niche community, seeking more personalized and community-driven content experiences. Viewers are increasingly seeking curated content niches that resonate with their specific interests. This is where niche platforms perfectly fit in!
The craze for niche platforms is somewhat driven by the creator economy too, which is booming in 2024! The creators are finding their voice on niche platforms. These platforms offer creators greater control over content, distribution, and monetization. These platforms also foster a strong sense of community. And that is why, creator-owned media platforms are projected to generate USD 1.5 billion in revenue by 2026.
If you are one such passionate content creator, looking to create your own niche video platform, then Muvi One is here to help you out. You can create your own feature-packed video streaming platform without any coding or IT team! Don’t believe us? Take a 14-day free trial and check it out yourself!
Till 2022, scripted dramas and reality shows were dominating the streaming space. But, times are changing, as we have a new dominator in the streaming space – Live Sports Streaming!
So what led to this meteoric rise? Well, we all know that traditional cable viewership is on the decline. But interest in sports remains sky-high. 75% of millennials and Gen Z fans prefer watching sports online. That is why live streaming is projected to account for 40% of all sports viewership by 2027. After all, cutting the cord doesn’t mean missing the game – it just means watching it differently.
And the rise of online sports streaming has already started leaving its impact on global internet consumption. Live sports events now account for 70% of peak internet traffic, showcasing the immense demand for real-time viewing.
Viewers spend an average of 57% more time watching live sports on streaming platforms compared to traditional TV. And this is expected to increase even further in 2024. So, if you are looking to start your own live sports streaming platform, then 2024 is the best time to get started! And with Muvi One and Muvi Live, it will become all the more easier!
Download our Sports Streaming Market Analysis and Projection Report to Know More!
FAST channels are soaring in popularity, offering viewers a free, ad-supported alternative to traditional pay TV. Over 2.5 billion viewers worldwide are expected to use FAST channels by 2028. The average viewing time on FAST channels is around 120 minutes per day, indicating viewers are finding engaging content and staying tuned in.
And this growth in popularity of FAST Channels is generating hefty revenues too! The global FAST channel market is expected to reach USD 46.2 billion by 2027, growing at an impressive CAGR of 25.7%. Ad revenue for FAST channels is expected to reach USD 35.4 billion by 2027.
In the upcoming years, the video streaming market is going to embrace multiple different monetization strategies, content niches, AI, and immersive streaming. Beyond 2024, video consumers will start looking for tiered subscriptions with personalized offerings.
That is why, microtransactions for specific content, and increased integration with advertising will be more common. Experts predict that USD 65.6 billion will be generated in ad revenue by 2027.
Data predicts a 20% global growth in internet users by 2026, fueling content creation. Studios will invest in AI-driven scripts and data-optimized productions.
Currently, 70% of viewing is on mobile devices. But by 2028, it is projected to hit 80%. So, platforms will focus on prioritizing bite-sized content, seamless cross-device compatibility, and offline options.
In 2024, FAST will grow beyond expectations, and live sports streaming will set new benchmarks that will be remembered for long! But amidst all this buzz, niche platforms and podcasts will steadily keep moving forward. And AI and AR-VR will be at the center of everything.
So, video streaming in 2024 is all about embracing the new trends in monetization, content curation, delivery, and consumption. And streaming platforms succeeding in doing so will definitely experience a meteoric rise!
And if you are still waiting to launch your own video streaming platform, Muvi One is here to help you out. Using Muvi One, create your own new-age streaming platform with 1000+ industry-leading features in just a few clicks, without any coding! Sign up to start your 14-day FREE trial today!
AI is taking video streaming by storm in 2024! It is helping in personalized recommendations, dynamic playlists, and interactive experiences tailored just for you. AI helps creators by generating content, moderating it, and even optimizing video quality.
Viewers benefit from better search, accessibility features, and personalized streaming. From recommendation engines to fraud prevention, AI is making streaming smarter, safer, and more enjoyable for everyone.
And this is just the beginning, so buckle up for an even more immersive future of video streaming powered by AI!
5G is supercharging video streaming for both platforms and users. Platforms get smoother playback, crystal clear quality, and lag-free live events. Users enjoy streaming on the go, offline downloads, seamless multitasking, and even AR/VR experiences.
Imagine streaming content that adapts to your physical space, not just your screen! That’s the magic of spatial streaming, a game-changer for AR and VR experiences.
Instead of traditional video streams, spatial streaming sends data about virtual objects and environments. This means the content reacts to your surroundings in real time, creating a truly immersive experience. Think of exploring 3D models projected onto your desk or watching a movie on a virtual screen in your living room.
Spatial streaming overlays digital content seamlessly onto the real world, powered by AR. It can even deliver high-quality VR outputs for next-level entertainment.
Written by: Debarpita Banerjee
Debarpita is a Content Writer with Muvi. With around 2 years of experience in content creation, she has worked across industries like SaaS, EdTech, eLearning, AR-VR, and Metaverse. She believes in delivering content that can be of some value to the readers. In her free time, she likes to try her hand at website and app development.
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